New Bern Board of Aldermen to tackle thirty topics at tonight’s meeting.
The Board of Aldermen will hold will discuss several topics and hold four public hearings during the meeting on July 8, 2025, at 6 p.m. at City Hall, 300 Pollock St. in New Bern, NC.
The meeting packet includes holding a public hearing on a proposed General Obligation Bond referendum to the October 2025 ballot. The referendum will ask voters whether they want the city to issue $24 million in general obligation bonds.
The order for the Streets and Sidewalk Improvement Bonds says, “The estimated cumulative cost over the life of said bonds, using the highest interest rate charged for similar debt over the last 20 years, would be $15,611,200, consisting of the $10,000,000 principal amount of said bonds, plus $5,611,200 of estimated interest.”
“The estimated amount of property tax liability increase for each $100,000 of property tax value to service the cumulative cost over the life of said bonds provided above would be $15.10 per year.”
The order for the Parks and Recreation Bonds says, “The estimated cumulative cost over the life of said bonds, using the highest interest rate charged for similar debt over the last 20 years, would be $12,488,960, consisting of the $8,000,000 principal amount of said bonds, plus $4,488,960 of estimated interest.”
“The estimated amount of property tax liability increase for each $100,000 of property tax value to service the cumulative cost over the life of said bonds provided
above would be $7.50 per year.”
The order for the Stormwater Bonds says, “The estimated cumulative cost over the life of said bonds, using the highest interest rate charged for similar debt over the last 20 years, would be $9,366,720, consisting of the $6,000,000 principal amount of said bonds, plus $3,366,720 of estimated interest.”
“The estimated amount of property tax liability increase for each $100,000 of property tax value to service the cumulative cost over the life of said bonds provided above would be $4.90 per year.”
The director of Finance estimates that the property taxes to increase by $0.0275 per $100 of assessed valuation to pay for the bonds based on a 5.344% interest rate and an assumed growth in the property tax base of 1% in the FY ending June 30, 2027, and each year thereafter.
The Board of Aldermen will also consider holding public hearing and consider changes to the electric rates.
They will also consider approving a resolution that would certify the City as the lead applicant for a Choice Neighborhood Implementation Grant along with the Housing Authority of the City of New Bern. Members of the Housing Authority’s Board of Commissioners have said that years ago it was said the city could match up to $30 million in-kind or cash match for the federal HUD grant.
See the long list of agenda items and the packet here.
Meeting minutes and agendas can be found here. Meeting videos can be found on the city’s Facebook page, City 3 TV and YouTube channel.
Editor’s note: This story was updated to correct the date and include more information about the bond referendum.
By Wendy Card, editor. Send an email with questions or comments.